Financial Performance - The estimated net profit for the reporting period is projected to be a loss of 220 million to 270 million CNY, an improvement from a loss of 386.315 million CNY in the same period last year [3]. - The net profit attributable to shareholders is expected to increase by 30.11% to 43.05% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses is projected to be a loss of 233 million to 283 million CNY, which is an improvement from a loss of 401.4528 million CNY last year, reflecting an increase of 29.51% to 41.96% [3]. - The basic earnings per share are expected to be a loss of 0.63 to 0.77 CNY per share, compared to a loss of 1.11 CNY per share last year [3]. Business Operations - The improvement in performance is attributed to an increase in the selling price of broiler chicks and a rise in sales of chicken products, leading to a certain growth in main business revenue [5]. - The company has strengthened the sales channel construction and promotion of cooked food, resulting in a decrease in expense expenditures [5]. - The investment loss from the associated company, Beidahuang Baoquanling Agricultural and Animal Husbandry Development Co., Ltd., has decreased year-on-year [6]. - The company has recognized asset impairment for parent breeding chickens and related assets due to low selling prices of main products [5].

证券代码：002234 证券简称：民和股份 公告编号：2024-050 山东民和牧业股份有限公司 2024 年 11 月份鸡苗销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 一、2024 年 11 月份商品代鸡苗销售情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）2024年11月 销售商品代鸡苗2,339.44万只，同比变动7.22%，环比变动17.12%；销售收入 10,254.00万元，同比变动138.94%，环比变动23.38%。 二、原因说明 公司商品代鸡苗销售收入同比上升138.94%，主要原因是上年同期商品代鸡 苗销售均价大幅下降，本期市场行情稳定，商品代鸡苗销售均价同比较高，同时 公司本月出苗量增加所致。 二〇二四年十二月七日 三、特别提示 1、上述披露仅代表公司商品代鸡苗销售情况，其他业务的经营情况不包括 在内。鸡苗产品销售价格变动幅度和频次较大，其价格变动直接会对公司的经营 业绩产生影响。 2、上述数据均未经审计，与定期报告披露的数据之间可能存在差异，仅作 为阶段性数据供投资者参考。 请广大投资者理性投资，注意投资 ...

证券代码：002234 证券简称：民和股份 公告编号：2024-051 山东民和牧业股份有限公司 关于担保事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 公司与中信银行股份有限公司烟台分行签订了《最高额保证合同》，为全资 子公司蓬莱民和食品有限公司在该行贷款5,000万元提供连带责任保证，保证期 间为债务设立之日起至主合同项下全部债务诉讼时效届满。蓬莱民和食品有限公 司与中信银行股份有限公司烟台分行签订了《流动资金贷款合同》，在该行贷款 4,000万元（其中3,900万元贷款期限一年；100万元贷款期限9个月）。公司根据 上述《最高额保证合同》为该笔业务进行担保，保证期间为债务履行期届满之日 起三年。 2、下属子公司为本公司担保进展情况 一、担保基本情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）于2024年3月 15日召开董事会审议通过《关于合并报表范围内担保的议案》，并提交公司2023 年度股东大会审议通过，具体为：本公司为子公司融资提供担保，担保额度10亿 元；同时子公司为本公司融资提供担保，担保额度9.5亿元；子公司之间互 ...

证券时报e公司讯，民和股份(002234)11月11日晚间公告，公司2024年10月销售商品代鸡苗1997.46万 只，同比变动-9.39%，环比变动3.57%；销售收入8310.61万元，同比变动75.4%，环比变动21.87%。 公司商品代鸡苗销售收入同比上升75.4%，主要原因是上年同期商品代鸡苗销售均价大幅下降，本期市 场行情稳定，商品代鸡苗销售均价同比较高。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 一、2024 年 10 月份商品代鸡苗销售情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）2024年10月 销售商品代鸡苗1,997.46万只，同比变动-9.39%，环比变动3.57%；销售收入 8,310.61万元，同比变动75.40%，环比变动21.87%。 证券代码：002234 证券简称：民和股份 公告编号：2024-048 山东民和牧业股份有限公司 2024 年 10 月份鸡苗销售情况简报 二、原因说明 公司商品代鸡苗销售收入同比上升75.40%，主要原因是上年同期商品代鸡 苗销售均价大幅下降，本期市场行情稳定，商品代鸡苗销售均价同比较高。 三、特别提示 1、上述披露仅代表公司商品代鸡苗销售情况，其他业务的经营情况不包括 在内。鸡苗产品销售价格变动幅度和频次较大，其价格变动直接会对公司的经营 业绩产生影响。 2、上述数据均未经审计，与定期报告披露的数据之间可能存在差异，仅作 为阶段性数据供投资者参考。 请广大投资者理性投资，注意投资风险。 特此公告。 山东民和牧业股份有限公司董事会 二〇二 ...

证券代码：002234 证券简称：民和股份 公告编号：2024-049 山东民和牧业股份有限公司 关于担保事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 一、担保基本情况 二、担保的进展情况 近日，公司就本公司及下属子公司向银行申请授信事宜与银行签订用信贷款 相关文件，具体情况如下： 下属子公司为本公司担保进展情况 公司与上海浦东发展银行股份有限公司烟台分行签订《流动资金贷款合同》， 在该行贷款1,680万元（贷款期限一年）。该笔业务由全资子公司蓬莱民和食品有 限公司与上海浦东发展银行股份有限公司烟台分行签订《最高额保证合同》进行 担保，保证期间为债务履行期届满之日起三年。 三、被担保人基本情况 1、被担保人：山东民和牧业股份有限公司 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）于2024年3月 15日召开董事会审议通过《关于合并报表范围内担保的议案》，并提交公司2023 年度股东大会审议通过，具体为：本公司为子公司融资提供担保，担保额度10亿 元；同时子公司为本公司融资提供担保，担保额度9.5亿元；子公司之间互相提 供担保，担保额 ...

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's performance improved in Q3 2024 due to a recovery in chick prices, leading to a reduction in losses [1] - The chick business is estimated to have achieved narrow profitability in Q3 2024, driven by rising prices and lower costs, while the meat products business continued to drag down overall performance [1] - The company is expanding its main business of chick production and extending into downstream food processing, with new capacities expected to drive future growth [1] Financial Performance - The company reported revenue of RMB 1,576 million for the first three quarters of 2024, a year-on-year decrease of 3.44%, with a net loss of RMB 217 million [1] - In Q3 2024, the company achieved revenue of RMB 528 million, a year-on-year increase of 3.35%, and a net loss of RMB 31.53 million, showing a reduction in losses both year-on-year and quarter-on-quarter [1] - The company sold 61.65 million chicks in Q3 2024, a year-on-year decrease of 6.0%, but the average selling price increased by 36% year-on-year to RMB 3.13 per chick [1] Business Expansion - The company's existing commercial chick production capacity exceeds 300 million chicks, with an additional 100 million chicks capacity under construction [1] - The company's downstream food processing business is expanding, with the Weifang Minhe facility's 30,000-ton cooked food capacity already in operation and achieving profitability, while the Minhe Food facility's 30,000-ton capacity is partially operational but still in a loss-making state [1] - The company has established a subsidiary in Hangzhou, Hangzhou Minyuehe, to focus on e-commerce sales of cooked food products, with good sales momentum on platforms like Tmall and Douyin [1] Profit Forecast and Valuation - The report adjusts the 2024 profit forecast to a loss of RMB 269 million, compared to the previous forecast of a loss of RMB 363 million, while maintaining the 2025 and 2026 profit forecasts at RMB 205 million and RMB 147 million, respectively [2] - The target price is set at RMB 9.44, based on a 16x PE ratio for 2025, reflecting expectations of gradual profitability in the food business [2] Industry Outlook - The recovery in chick prices in Q3 2024 is attributed to reduced industry supply, but a significant price increase in Q4 2024 is unlikely due to the recovery in parent stock inventory [2]

Financial Performance - The company's revenue for Q3 2024 was ¥528,441,523.94, representing a 3.35% increase compared to the same period last year[2]. - The net profit attributable to shareholders was -¥31,532,167.45, a decrease of 59.65% year-on-year[2]. - The company experienced a 77.46% decrease in net profit, amounting to -¥219,978,742.15, primarily due to a decline in sales of its main products[5]. - Total operating revenue for Q3 2024 was CNY 1,576,208,084.91, a decrease of 3.5% compared to CNY 1,632,309,770.60 in the same period last year[12]. - Net profit for Q3 2024 was a loss of CNY 219,978,742.15, compared to a loss of CNY 123,959,716.59 in Q3 2023, indicating a significant increase in losses[13]. - Basic and diluted earnings per share were both CNY -0.62, compared to CNY -0.34 in the previous year[15]. - The company reported a total comprehensive loss of CNY 219,978,742.15 for the quarter, compared to a loss of CNY 123,959,716.59 in the previous year[15]. Cash Flow - The net cash flow from operating activities was -¥9,764,275.09, reflecting a decline of 118.43% compared to the previous year[5]. - The net cash flow from operating activities for Q3 2024 was -9,764,275.09 CNY, a decrease from 52,972,140.90 CNY in Q3 2023[17]. - The company's cash flow from financing activities increased significantly by 545.28% to ¥319,339,196.05, mainly due to increased bank borrowings[5]. - The net cash flow from financing activities increased to 319,339,196.05 CNY, compared to -71,717,239.62 CNY in the same quarter last year[18]. - The total cash inflow from investment activities was 96,846,804.51 CNY, down from 630,151,830.34 CNY year-over-year[17]. - Cash outflow for investing activities totaled 242,405,990.12 CNY, compared to 769,334,569.53 CNY in Q3 2023[17]. - The cash outflow for financing activities was 1,061,299,686.71 CNY, compared to 968,956,636.55 CNY in the same quarter last year[17]. - The net increase in cash and cash equivalents for Q3 2024 was 163,798,243.77 CNY, contrasting with a decrease of -157,968,584.66 CNY in Q3 2023[18]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,921,343,158.12, an increase of 4.41% from the end of the previous year[2]. - The company's total equity attributable to shareholders decreased by 9.49% to ¥2,070,258,077.68 compared to the end of the previous year[2]. - The total liabilities increased to CNY 1,865,679,771.37 from CNY 1,480,208,745.49, indicating a rise in financial obligations[12]. - The total liabilities increased to RMB 1,800,171,202.45, compared to RMB 1,600,000,000.00 at the beginning of the period, indicating a rise of about 12.5%[11]. - The company's short-term borrowings rose significantly to RMB 1,441,072,284.24 from RMB 1,099,143,462.90, marking an increase of around 31%[11]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 33,339[6]. - Owner's equity attributable to shareholders decreased to CNY 2,070,258,077.68 from CNY 2,287,351,411.68, reflecting a decline in shareholder value[12]. Expenses - Financial expenses increased by 160.76% to ¥24,782,642.10 due to reduced deposit interest and increased borrowing costs[5]. - Research and development expenses rose to CNY 16,276,605.41 from CNY 13,225,662.94, showing an increase in investment in innovation[13]. - Financial expenses increased significantly to CNY 24,782,642.10 from CNY 9,504,050.71, indicating higher borrowing costs[13].

证券代码：002234 证券简称：民和股份 公告编号：2024-045 公司商品代鸡苗销售收入同比上升57.17%，主要原因是上年同期商品代鸡 苗销售均价大幅下降，本期市场行情较为稳定，商品代鸡苗销售均价同比较高。 三、特别提示 1、上述披露仅代表公司商品代鸡苗销售情况，其他业务的经营情况不包括 在内。鸡苗产品销售价格变动幅度和频次较大，其价格变动直接会对公司的经营 业绩产生影响。 2、上述数据均未经审计，与定期报告披露的数据之间可能存在差异，仅作 为阶段性数据供投资者参考。 请广大投资者理性投资，注意投资风险。 山东民和牧业股份有限公司 2024 年 9 月份鸡苗销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 一、2024 年 9 月份商品代鸡苗销售情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）2024年9月销 售商品代鸡苗1,928.68万只，同比变动-9.58%，环比变动-6.20%；销售收入 6,819.10万元，同比变动57.17%，环比变动0.70%。 二、原因说明 特此公告。 山东民和牧业股份有限公司董事会 二〇二四 ...

证券代码：002234 证券简称：民和股份 公告编号：2024-046 山东民和牧业股份有限公司 关于担保事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载，误导性陈述或重大遗漏。 一、担保基本情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）于2024年3月 15日召开董事会审议通过《关于合并报表范围内担保的议案》，并提交公司2023 年度股东大会审议通过，具体为：本公司为子公司融资提供担保，担保额度10亿 元；同时子公司为本公司融资提供担保，担保额度9.5亿元；子公司之间互相提 供担保，担保额度0.5亿元。以此来满足公司经营的资金需求。担保范围包括但 不限于申请银行借款、银行承兑汇票、融资租赁、信用证、保函等融资业务，担 保方式包括但不限于一般保证、连带责任保证、抵押、质押等方式。公司于2024 年年度股东大会召开前任一时点为子公司提供的担保余额将均不超过该等额度。 具体内容详见2024年3月19日公司披露于巨潮资讯网www.cninfo.com.cn、 《中国证券报》、《上海证券报》、《证券时报》、《证券日报》上的《关于合并报表 范围内担保的公告》（公告 ...